Bitcoin's drop to $60,000: Surge in spot turnover and accumulation of 68,000 BTC by whales
The drop in Bitcoin's price to the $60,000 mark in early June triggered a powerful surge in spot market activity. The total trading volume on the four largest exchanges reached an impressive $13.1 billion during the sell-off. This indicates that the market faced not a "quiet slide," but an intense two-sided battle.
Analysis of data from individual platforms shows that the bulk of the volume came from Binance ($4.7 billion), Coinbase ($3.55 billion), Gate.io ($2.75 billion), and Bybit ($2.1 billion). Such a scale of trading points to high involvement from both retail and institutional players in the process of position redistribution.
Who was buying, and who was selling?
The most interesting picture emerged at the holder level. Wallets with a balance of 1,000 to 10,000 BTC (so-called "whales") were actively increasing their positions. Over the 60 days ending June 16, their accumulation metric stood at approximately 68,000 BTC. This is the highest value since February 17, when the metric exceeded 106,000 BTC.
Simultaneously, medium-sized wallets (from 100 to 1,000 BTC) acted in the opposite direction. Their 60-day accumulation and distribution metric dropped to minus 41,600 BTC by June 20. This is the largest distribution episode since February 19, when this group recorded an outflow of about 47,000 BTC.
Thus, we are observing a classic process of coins moving from weaker hands to stronger ones. Medium-sized holders were locking in losses or reducing risks, while large players used the correction to build up their reserves.
Exchange flows confirm the change of holders
Additional confirmation of this thesis comes from exchange flow data. On June 21, OKX recorded a net outflow of Bitcoin worth approximately $765 million, equivalent to over 11,000 BTC. This is the largest negative net flow since May 22, when about $677 million in Bitcoin was withdrawn from the exchange.
The withdrawal of funds from the platform typically signals that investors are moving coins to cold storage rather than preparing them for sale. The combination of whale accumulation and large-scale withdrawals from exchanges forms a positive fundamental signal, despite the current price weakness.
Cryptalist expert opinion: The market is in a redistribution phase, characteristic of a healthy correction within a bullish trend. As long as whales accumulate and medium-sized holders panic, the likelihood of a deep crash remains low. However, for a resumption of confident growth, Bitcoin needs to establish itself above the $65,000 zone; otherwise, consolidation may drag on.